Ineos enters into first loan on the back of new North Sea assets

Ineos UK E&P Holdings has entered into its first, five-year, reserve-based lending facility (RBL Facility) of £220 million ($294M). 

Ineos said on Wednesday that the facility has been secured on attractive terms on the back of the recently-acquired assets from DEA UK and Fairfield Energy.

To remind, Ineos bought interests in the Breagh and Clipper South gas fields in the Southern North Sea in October last year from a UK subsidiary of DEA Deutsche Erdoel AG. Ineos also acquired additional 25% interest in the Clipper South field from Fairfield, also in October 2015.

The company explained that the facility will enable repayment of part of its equity financing for the acquisitions of DEA UK and Fairfield Energy and will facilitate future development expenditures.

Geir Tuft, Ineos Breagh CEO, said: “Ineos is a new entrant to the North Sea and this first step into the oil and gas backed lending market demonstrates support for both our strategic vision and our ambitious plans for the future.”

“This first RBL facility is a landmark for INEOS and validates the quality of the assets we acquired in 2015. It is seen as a catalyst to develop future projects and continue to pursue opportunities in the North Sea.”

The facility has been arranged by HSBC and Lloyds with participation from Barclays, Deutsche Bank, Goldman Sachs and Bank of Montreal.

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2019 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Fuel Cell Expo 2019

FC EXPO is world’s largest show for hydrogen & fuel cell…

read more >

LNG Bunkering Summit 2019

LNG Bunkering Summit will cover the obstacles facing both the shipping and port communities…

read more >

Egypt Petroleum Show

This event will feature 500+ regional & international exhibiting companies from over 35 countries…

read more >

IoT in Oil & Gas 2019

The IoT in Oil & Gas 2019 Conference will continue to focus on helping operators…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply